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Acquisitions | 6 Months Ended
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Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Acquisitions | Acquisitions Pioneer Power On July 1, 2025 (the "Pioneer Power Effective Date"), the Company, through LFS, acquired all of the outstanding equity interests of Pioneer Power (the “Pioneer Power Transaction”) for net cash consideration of $65.7 million, after giving effect to cash acquired as part of the transaction. The acquisition was funded through a combination of cash on hand and borrowings under the Company’s revolving credit facility. Approximately $4.1 million of the cash consideration was initially held in escrow for indemnification purposes, a portion of which has subsequently been released. Pioneer Power is a provider of industrial and institutional mechanical solutions serving healthcare, food, power/utility, oil refining and other select markets in the greater Twin Cities region of Minnesota and upper Midwest regions. The acquisition further expanded the Company’s footprint in the core Midwest and extended its reach into new geographic markets in the upper Midwest regions. As a result of the Pioneer Power Transaction, Pioneer Power became a wholly-owned indirect subsidiary of the Company. The Pioneer Power Transaction was accounted for as a business combination using the acquisition method of accounting. As a result of the acquisition, the Company recognized goodwill of $39.5 million, which was allocated between the Company’s ODR and GCR segments and is expected to be fully deductible for income tax purposes. The goodwill recognized is primarily attributable to anticipated future earnings of the acquired business. During the measurement period, the Company recorded measurement period adjustments related to the Pioneer Power Transaction as additional information became available regarding the facts and circumstances that existed as of the acquisition date. The Company finalized the purchase price allocation during the three months ended June 30, 2026, and the measurement period expired on June 30, 2026. The following table presents the final purchase price allocation, including cumulative measurement period adjustments recorded through June 30, 2026. Any excess of the purchase price over the fair value of the identifiable net assets acquired was recorded as goodwill.
(in thousands) |  | Purchase Price Allocation |  | Cumulative Measurement Period Adjustments Through June 30, 2026(1) |  | Adjusted Purchase Price Allocation |  |  |  |
Consideration: |  |  |  |  |  |  |  |  |  |
Cash |  | $ | 66,612 |  |  | $ | — |  |  | $ | 66,612 |  |  |  |  |
Total Consideration |  | 66,612 |  |  | — |  |  | 66,612 |  |  |  |  |
Fair value of assets acquired: |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | 961 |  |  | — |  |  | 961 |  |  |  |  |
Accounts receivable |  | 18,416 |  |  | — |  |  | 18,416 |  |  |  |  |
Contract assets |  | 4,176 |  |  | 920 |  |  | 5,096 |  |  |  |  |
Other current assets |  | 58 |  |  | — |  |  | 58 |  |  |  |  |
Property and equipment |  | 6,291 |  |  | — |  |  | 6,291 |  |  |  |  |
Intangible assets |  | 16,200 |  |  | — |  |  | 16,200 |  |  |  |  |
Amount attributable to assets acquired |  | 46,102 |  |  | 920 |  |  | 47,022 |  |  |  |  |
Fair value of liabilities assumed: |  |  |  |  |  |  |  |  |  |
Accounts payable, including retainage |  | 8,071 |  |  | 38 |  |  | 8,109 |  |  |  |  |
Accrued expenses and other current liabilities |  | 1,527 |  |  | (150) |  |  | 1,377 |  |  |  |  |
Contract liabilities |  | 6,506 |  |  | 3,931 |  |  | 10,437 |  |  |  |  |
Amount attributable to liabilities assumed |  | 16,104 |  |  | 3,819 |  |  | 19,923 |  |  |  |  |
Goodwill |  | $ | 36,614 |  |  | $ | 2,899 |  |  | $ | 39,513 |  |  |  |  |
(1) The cumulative measurement period adjustments primarily related to refinements of acquired working capital balances, including accounts payable, accrued expenses and other current liabilities, and contract assets and contract liabilities, based on additional information regarding facts and circumstances that existed as of the acquisition date. The net effect of these adjustments was recorded as a corresponding adjustment to goodwill. Certain contract liability adjustments may be subject to recovery. As of June 30, 2026, no receivable has been recognized in connection with such potential recoveries. Any future amounts recovered will not result in adjustments to the final purchase price allocation. The acquisition of Pioneer Power contributed $30.9 million and $54.5 million of total revenue for the three and six months ended June 30, 2026, respectively. Pioneer Power did not have a material contribution to net income for the three and six months ended June 30, 2026. Pioneer Power operates at a lower gross margin profile relative to the Company’s legacy ODR operations. Management continues to integrate Pioneer Power into the Company’s broader operating model with the objective of enhancing operating efficiencies and improving profitability over time.

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